paid in no quarterly tax, no self employment tax, where am i going to be on taxes
2007-01-07 17:27:32 · 3 answers · asked by john a 1 in Business & Finance ➔ Taxes ➔ United States
Seriously, your return will be audited so get it done by a highly competent tax person who can give you confidential advice. A CPA, attorney or EA is needed.
2007-01-07 17:56:58 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
You only have a certain time period to determine that you are not heavily involved in a hobby, and you must turn a profit. If it's considered a hobby, you're probably going to have to pay taxes on that $100K gross. Which will be uncomfortable. Get a tax accountant now.
2007-01-08 01:38:40 · answer #2 · answered by Boomer Wisdom 7 · 0⤊ 0⤋
Oh the IRS is going to love you. Get a good lawyer if you actually intend to file that return. I highly doubt (based on your ?) that you have the ability to earn that much.
2007-01-08 01:33:29 · answer #3 · answered by CAE 5 · 0⤊ 0⤋